Decisions First-Time Real Estate Investors Come to Regret
While some real estate investments can pay off in a big way, others are liable to leave you stricken with buyer’s remorse – and when you’re dealing with purchases that are this expensive, that’s the last thing you want to be feeling. That being the case, it’s important to put genuine thought and effort into each investment property you purchase, as making such decisions in haste is unlikely to turn out well. So, when seeking out your first investment property, make an effort to avoid the following choices.
Failing to Reach Out to Experts
When setting out to invest in real estate, it pays to know as much as possible before throwing your hat in the ring. So, if you have anyone in your life who has experience in real estate, you’d do well to reach out to them before proceeding to purchase your first property. Friends, family members, coworkers and general acquaintances who have valuable investment experience should be able to provide you with a bevy of helpful insights. It also can’t hurt to get in touch with a highly-rated real estate investment company. In addition to educating you on the tenets of profitable properties and good locations, seasoned professionals should be able to address any other real estate-related inquiries you may have, such as how to invest 100k in real estate.
Not Doing Sufficient Location Research
You’re highly likely to regret investing in a property without first researching its location. Location is among the most important factors in any real estate investment, and frankly, there’s little wonder as to why. After all, a property found in a locale with abundant demand for housing is liable to prove far more profitable than a property found in an area where demand is severely waning.
So, no matter how enamored you become with a property, take the time to properly research its location. This entails looking closely at the size of an area’s population and how much that population is liable to grow. You’ll also need to carefully consider the local economy, median income, home values and rent prices. All of this should provide you with a solid understanding of how desirable an area is and how profitable a property located therein is liable to prove.
Forgoing Property Inspections
Under no circumstances should you regard property inspections as skippable. Regardless of how problem-free a property appears to be, a bevy of costly issues may be lurking just beneath the surface. Furthermore, should you refuse to allow an inspection to take place, you may find it impossible to purchase insurance for the property. As such, an inspection from a certified professional should be a prerequisite for any property deals to move forward.
Buyers have quite a bit to gain from insisting on inspections. For one thing, a thorough inspection from an experienced pro will provide them with an accurate picture of what they’ll be purchasing. And given how much capital is involved in the typical real estate investment, knowing exactly what your money is going towards can prove tremendously helpful. Should an inspection uncover large problems of which you were previously unaware, you may ultimately deem a property an unwise investment and focus your attention on other prospective purchases.
Hiring Unlicensed Contractors
Investors who are looking for ways to save money may find themselves tempted to do business with unlicensed contractors. However, while their rates tend to be cheaper than those charged by licensed and insured contractors, unlicensed contractors are liable to disappoint you in a variety of areas. Since they don’t run the risk of losing licenses they never had, they have little incentive to provide accurate estimates, conduct themselves courteously, guarantee any of their work or stick around until jobs are fully finished. Additionally, if an unlicensed contractor injures themselves in the course of working for you, you may be financially responsible for any resultant medical bills.
An investment property is among the last purchases you want to regret. Given how much capital is involved in such an acquisition, it’s only natural that you’d want to be smart with your money. Unfortunately, a staggering number of fledgling investors make a variety of rookie mistakes that severely limit their ability to turn a profit. In the interest of distinguishing yourself from them, take care to avoid the following missteps when buying your first investment property.
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